Gemfields achieves 70% sales at auction
Gemstone miner Gemfields earned total auction revenues of $16.1-million at its latest auction of higher-quality emeralds.
It sold 30 of the 43 lots on offer, with 141 084 ct of the 200 460 ct on offer sold at an average price of $113.96/ct.
The 50 auctions of Kagem gemstones held since July 2009 have generated $1.07-billion in total revenues.
However, Gemfields product and sales MD Adrian Banks expresses that, while the top-quality lots in this auction saw bidding within “touching distance” of the company’s all-time records for emeralds, he describes the overall result for this auction as “very disappointing”, driven by fewer and poorer bids for lesser-quality grades.
Banks adds that, while the wider luxury and gemstone markets are facing challenging times, customer attendance and engagement at the auction were good, which he says is evidenced by the strength of bidding for the top-quality lots on offer.
“We believe this is a transient market dynamic and does not reflect a medium- or long-term structural change in supply or market demand.
“Gemfields remains committed to leadership and market stability. As demonstrated by today's auction, we have taken proactive steps to support the market by withholding certain lots that did not achieve satisfactory bidding. We believe this approach helps foster a more secure and sustainable market for all stakeholders including our customers,” says Banks.
The rough emeralds sold were extracted by Kagem, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia.
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